Innovation Management Platforms Market Size and Growth Rate - (2019 - 2025):
Innovation management platforms market is subjected to grow at a constant level during the forecast period and was valued at USD 421.6 million in 2017. As per the research analysts at Research Cosmos predicted that the market is going to expand at a CAGR of 29.2% in the next 5 years to reach a market size of USD XX Million by 2025. Innovation management platforms are playing an essential role in enhancing mobile-friendly design interfaces. These platforms support innovative ideas from different fields and allow working on those ideas.
Innovation management platforms have high-security features than other normal project management sources. The management process also deals with business strategies and organizes the goals effectively. Thinking new designs and applying them with perfect planning and management is the main aim of innovation management platforms. How complex the project is, the management has the ability to put forward in an innovative way and completes the task in less than projected time.
Growing prevalence for the new technology especially in IT sector is a key driving factor for the market to grow. The rise in the demand for the quality process and management in order to gain profits is escalating the growth of the innovation management platforms market.
However, the lack of skilled trainers is the main drawback for the faster growth of the market. Cost to maintain these platforms is very expensive which is hampering the demand of the market.
Increasing capital income is solely set up the growth opportunities for the innovation management platforms market. Implementation of innovative products in accordance with the requirement by the end users with the latest technological developments is also magnifying the demand of this market further. Rise in the support from the government through investments is influencing the demand for the innovation management platforms market.
This research report includes following segmentation for the Global Innovation Management Platforms Market size and forecast until 2025.
On the basis of type, the market is segmented into software, services, consulting services, system design, and training education systems. Among all, the software sector is allowing the market to grow extensively.
Based on the deployment mode, the market is categorized into cloud platforms and on-premise. Due to the acceptance of cloud platforms technology which stores big data is making the market to grow higher.
By organization size, the innovation management platforms are bifurcated into large enterprises, small and medium enterprises. Small and medium enterprises are having the highest demand for the market.
In terms of application, the market segments are Product Research & Development Platforms, Marketing, Design & Idea Platforms, Collective Intelligence & Prediction Platforms and Human Resources & Freelance Platforms. Product research & development platforms sector is leading with the highest shares of the innovation management platform market.
The innovation management platforms market is segmented on the basis of vertical as healthcare, education, media & entertainment, IT & telecommunication, Retail and government. IT & telecommunication sector are leveling up the demand of the market from recent years.
Geographically, the market is segmented into North America, Asia pacific, Europe, Middle East and Africa. North America is the one witnessed to have highest revenue shares of the market. The adoption of advanced technology quickly and implementing those techniques at a high success rate are majorly fueling the demand of the market in this region. The Asia Pacific is positioned next to North America in leading the shares of the market.
With the rise in the scale of the end user industries and also increased skilled persons to manage the innovative software in health care and educational institutes are boosting up the growth of the innovation management platforms market. Europe and Middle East and Africa are elevated to have prominent growth opportunities in the coming years.
Leading Companies profiled in the report are:
Some of the key players included in the innovation management platforms market are Qmarkets (Israel), BrightIdea, Inc. (U.S.), Hype Innovation (Germany), IdeaScale (U.S.), Innosabi GmbH (Germany), Cognistremer (Belgium), Crowdicity Ltd (U.K.), Planbox, Inc. (Canada), Exago (Portugal) and Inno360, Inc. (U.S.) among others.